In the agreement with the FDIC, all $25 million in deposits of the bank were purchased and assumed by Lake City’s First Federal Bank of Florida, which also agreed to purchase $23.1 million of the failed bank’s $25 million in assets.

The failed bank reopened Thursday as First Federal Bank of Florida. Depositors of the former Bank of Jackson County automatically became depositors of First Federal Bank of Florida. They should continue their banking activities as normal.

According to the FDIC, First Federal Bank of Florida’s acquisition of the failed bank was the solution least costly to the Deposit Insurance Fund, at an estimated $5.1 million.

Customers of the former Bank of Jackson County can contact the FDIC from 9 a.m. to 5 p.m. at 1-800-613-0523 with any questions.

Bank of Jackson County is the 23rd institution insured by the FDIC to fail this year. The last such institution was Fort Myers’ First Community Bank of Southwest Florida, which closed Aug. 2.